A fair amount of churn in yesterday's trading action, as the weight of the continued government shutdown and the debt ceiling overhand further weighed on investors and traders propensity to step up and buy equities. On that notion, the market closed marginally up yesterday on mixed results on a sector basis.
Turning to the price/volume heat map, the balance between supply and demand was just that, balanced. This pattern repeated across the sectors except for in materials, where despite posting market relative performance showed both stronger demand and supply. That all said, today's actions appears to be a follow through of the fairly bullish setup that was indicated in yesterday's trading, noting that the hammer candle pattern at the close suggested that buyers were entering the market. This follows the formal nomination of
Yellen by the President and an apparent reconciliation between the children in Washington, in at least the ability of the sides to come to the table and talk. Either way, I would expect some follow through of the gains once Congress comes to pass a debt ceiling/budget resolution.
Turning to the price/volume heat map, the balance between supply and demand was just that, balanced. This pattern repeated across the sectors except for in materials, where despite posting market relative performance showed both stronger demand and supply. That all said, today's actions appears to be a follow through of the fairly bullish setup that was indicated in yesterday's trading, noting that the hammer candle pattern at the close suggested that buyers were entering the market. This follows the formal nomination of
Yellen by the President and an apparent reconciliation between the children in Washington, in at least the ability of the sides to come to the table and talk. Either way, I would expect some follow through of the gains once Congress comes to pass a debt ceiling/budget resolution.
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